Definitions
(Article 9(5), point (f), of Regulation (EU) No 600/2014)
For the purposes of this Regulation, the following definitions shall apply:
‘central limit order book trading system’ means any of the following:
a continuous order book trading system that by means of an order book and a trading algorithm operated without human intervention matches sell orders with buy orders on the basis of the best available price on a continuous basis;
a trading system combining elements of a continuous order book trading system, as referred to in point (a), and of a periodic auction trading system, as defined in point (2);
‘periodic auction trading system’ means a trading system that matches orders on the basis of a periodic auction and a trading algorithm operated without human intervention.